PartsTech (www.PartsTech.com), a B2B parts marketplace for the auto repair industry, has closed a Series C capital raise of $35 million. The fundraising round was led by OpenView, a renowned venture capital firm known for its deep expertise in scaling high-growth technology companies.
PartsTech, founded by CEO Greg Kirber, provides a comprehensive e-commerce solution that currently connects more than 15,000 repair shops to 30,000 supplier locations, accelerating the parts sourcing process and expediting vehicle repair.
With the investment from OpenView, PartsTech plans to expand its platform to enable repair facilities to source 100% of their aftermarket parts, tires and original equipment (OE) parts all through its total procurement solution. This investment accelerates PartsTech’s ability to attract and hire top talent, develop industry-leading technology solutions, and strengthen its level of commitment to customers and partners.
Kirber expressed his excitement about the Series C funding and the opportunities it presents for the company. He said, “We founded PartsTech with a vision to create a better way for auto repair facilities to find and source parts, which is a notoriously painful and time-consuming process. This additional investment from OpenView will allow us to scale our team and invest more aggressively in developing solutions that power critical repair operations and keep vehicles and people moving.”
OpenView, known for its track record of investing in and nurturing high-potential technology companies, said it is thrilled to support PartsTech’s growth ambitions. Tim Keebler, partner at OpenView, stated, “Over the last few years, PartsTech has demonstrated a consistent track record of driving innovation in the auto parts sourcing landscape while achieving explosive growth. Vehicles are staying on the road longer than ever before and shops are increasingly embracing digital solutions to improve the way they work. PartsTech drastically improves the way repair facilities operate and we’re excited to continue providing the resources Greg and his team need to drive market expansion and deliver unmatched value to customers.”
In addition to OpenView, PartsTech’s existing investors include Insight Partners and BP Ventures.